Investor Presentaiton
14
VAT Reporting
KEEPING RECORDS
All taxpayers are required by law to keep appropriate VAT records relating to their calculation of VAT for audit purposes.
This includes any documents used to determine the VAT payable on a transaction and in a VAT return. This will generally
include:
○ Tax invoices issued and received;
○ Books and accounting documents;
○ Contracts or agreements for large sales and purchases;
o Bank statements and other financial records;
○ Import, export and shipment documents; and
○ Other records relating to the calculation of VAT Records may be kept in physical copy, or electronically where the
conditions specified in Regulations are met to do so.
All records must be kept for at least the standard retention period of 6 years. The minimum retention period is extended
to 11 years in connection with invoices and records relating to movable capital assets, and 15 years in connection with
invoices and records relating to non-movable capital assets.View entire presentation